Wealthion - Be Financially Resilient cover image

Ask The Accountant: Live Q&A with Tom Wheelwright

Wealthion - Be Financially Resilient

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Itemized Versus Standard Deduction?

If you have itemized deductions, that's mortgage interest, state tax, state and local taxes, and charitable contributions. If they're more than $13,000 or $26,000, then you take the itemized deductions; if it's less, you take the standard deduction. Just one note here, Adam, states don't necessarily follow these rules. In Arizona, where I live, the state allows full deductions for medical, but on federal, you have to exceed this threshold.

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